COLORS Tamil brings to its audience an opportunity to know more about Lord Ganesha on September 2, from 8:00 am to 10:00 am.
The show titled ‘Vinai Theerkum Vinayagar’ is a testimony to Ganesha’s identity as the God of New Beginnings and the Remover of Obstacles.
A two hour-long program will bring on screen a string of episodes from Sri Bhagavata Purana where Lord Krishna enunciates the story of Lord Ganesha to Radha.
COLORS Tamil is available on all leading cable networks and on all DTH platforms – Sun Direct (CH NO 128),Tata Sky (CHN NO 1555), Airtel (CHN NO 763), Dish TV (CHN NO 1808) and Videocon D2H (CHN NO 553).
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The current classification system puts most urban consumers in just two buckets despite huge disparity among their socio-economic status and buying behaviour, experts say
The recent introduction of the Indian Socio-Economic Classification (ISEC) by the Market Research Society of India (MRSI), which seeks to disrupt how advertisers and broadcasters interpret consumer data, has sparked intense debate, bringing the entire media and advertising industry to a boiling point over the past one week.
India’s top advertisers, who spend hundreds of crores annually on advertising, believe that they have lost a huge chunk of their ad money over the years due to the flawed NCCS (New Consumer Classification System) which has been in place for a decade now.
“MRSI recently conducted a comparative study on NCCS and ISEC panels. When the chief wage earner’s education and consumer durables were used as determinants, over 60 percent of households got bucketed into just three categories A, B & C. In ISEC, the similar category level contributes to merely 15 percent of the households,” a marketer told e4m on condition of anonymity. 
“Worse, the NCCS panel bucketed a whopping 83% of the urban population into just two categories — A and B. That clearly means we have been targeting a huge segment of consumers uselessly with no clear insights about their spending habits,” said another advertiser.
Many marketers feel that a lot of advertising money has gone in vain due to what they believe is a flawed methodology.
“The ISEC presents cohorts in the pyramid form based on their affluence level which reflects the true picture of Indian society. Besides, this pyramid is found to be quite stable over the years, in our study. That pyramid is missing in the NCCS altogether”, people privy to the matter say.
NCCS relies on the education of the “primary wage earner” and “consumer durables” in households, while ISEC considers the occupation of the “primary earner” and the educational attainment of both the “most educated male and female adults” in the households. Both systems classify consumers into five broad categories– A, B, C, D & E in the case of NCCS and High Class, Upper-Middle Class, Middle Class, Lower-Middle Class and Low Class in the case of ISEC. They are further divided into 12 sub-categories. 
“Today penetration of consumer durables has witnessed a significant increase, leading current socio-economic classification to be less discriminatory and more volatile. Besides, the ownership of durable items cannot be the determinant of socio-economic classification in the era of easy EMI and 0% finance schemes,” CMOs shared.
When the NCCS was implemented a few years ago, the intention was good. “However, time has proved that it is unstable and non-discretionary, which costs us dear,” said advertisers.
Shashank Srivastava, Senior Executive Director, Marketing and Sales, Maruti Suzuki, expressed his disappointment over NCCS flaws though he insists that these flaws may not have caused major ad waste. “NCCS was always an indicative reference for media planning. Of course, flaws in the stated system of NCCS of course are disappointing,” he said.
Notably, the advertisers body– the Indian Society of Advertisers– was quick to endorse ISEC giving a go-ahead to its implementation by the Broadcast Audience Research Council (BARC). BARC has begun evaluating the ISEC, Shashi Sinha, BARC chairman told e4m.
“Not keeping pace with time”
A few marketers believe that NCCS is not flawed but outdated. “It is just that the penetration of markers moved up rapidly and the currency couldn’t keep up. Like all currencies, it needed a refresh which the ISEC provides,” a marketer noted.
Chintamani Rao, Strategic Marketing and Media Consultant wrote in his column published in e4m on Thursday, “Year on year, the proportion of A, B, and C households in the universe has been going up, and of D and E households, coming down.”
The socio-economic classification (SEC) was first introduced in the country about four decades ago to classify consumers into different groups. Over time, flaws were noticed in the system and NCCS was brought. While the Indian Readership Survey (IRS) started using NCCS from 2014 onwards, the BARC implemented it in 2015, industry experts say.
Veteran adman Ramesh Narayan, Founder of Canco Advertising Pvt. Ltd, Director Strategy, Asian Federation of Advertising Associations (AFAA) and Mancom Member India Chapter IAA said, “I am absolutely delighted that ISEC is considering women’s education as a key definer of social capital. Women’s education normally translates into a keen mind working in whatever field interests them. The entire socio-economic fabric would change with the women’s choices and her purchasing habits. Yes, there will be a need as Shashi Sinha rightly points out, to take all stakeholders on board.”
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Experts bust the myth of IPL being expensive on TV, believe it delivers the highest cost efficiency compared to other mediums
Television continues to drive the largest aggregation of viewers in the Indian Premier League. As per BARC, a single match of IPL has the power to deliver 100 million viewers. Brands have enjoyed a huge impact on business KPIs through IPL on TV at minimal investment outlays. TV Advertisers on IPL have enjoyed a stellar CPM of INR 45 while leveraging this unmatched scale.
At a recently hosted Business Leaders Meet by Star Sports and exchange4media, a diverse panel of experts addressed SMB brands on the power of IPL on Television and the price flexibility of the platform that makes it accessible to advertisers across the spectrum.
The panel was chaired by Sohini Ganguly, Senior Correspondent, exchange4media.
Vikas Saxena, Co-Founder, Sync Media kick-started the session by busting the myth of TV not being measurable. “TV in modern times is a very measurable medium. Unlike 2-3 decades ago, now there are smartphones in people’s hands, which makes TV measurable very quickly because people start searching for you. This further becomes essentially more important for the up-and-coming brands, because with this search share going up, there is a boost to the future market share of the brand. There is a direct correlation between the two aspects,” Saxena explained. Busting yet another myth, he said that it is wrong to think that advertising on television during cricket events is expensive. In fact it is the cheapest property according to Saxena. “The KPI rise per rupee cost is the cheapest when it comes to cricket,” he said. Saxena further highlighted the qualitative benefits of advertising on television, where Saxena shared that once a brand advertises on TV, even their digital campaigns start to see a boost.
B Sridhar, Executive VP – Mainline Business, Media Planning at Innocean echoes a similar opinion and notes that one doesn’t need to burn the bank to be on TV. “When we talk about ROI, the point is what is the investment in media doing in the mindspace and in the marketplace. With pure exposure on TV during cricket events, you are reaching a prospective buyer, an influencer and a user all at the same time, who are ready to be in the market today, tomorrow or in the very near future,” he explained. According to Sridhar, this builds a mental inventory of the brand into the future and one needs to look at it holistically, rather than performance-led campaigns.
Brands like Blackberrys have taken a step further and gone beyond just pureplay advertising, to be shown during live sports broadcast, explained Rajesh Sethuraman, VP – Brand Experience at Blackberrys. The brand associated with Star Sports as Cricket Live’s Official Wardrobe Partner. “We had a very clear objective, one of which was for building awareness. Cricket on television, especially IPL, gives you the best reach. We also wanted to speak to young millennials and also build a bit of stature and in the process, showcase the real product,” said Sethuraman. Following this association, the brand saw the recall going up and the awareness level almost doubled in a span of barely 6 months.
Speaking of the alco-bev category, which can come off as a tricky segment as far as advertising is concerned, Joydeep Basuroy, AGM, Pernod Ricard shared that an association for advertising on TV during live sports helps to create shared brand experiences to drive equity when friends and family come together to enjoy live cricket on TV. “It also helps to get a newer audience, when the family gets together,” he added.
Sharing some statistics, Basuroy shared that IPL on TV has garnered around 25% new female audiences, which was unheard of in live sports. “A bigger screen helps foster those connections,” he said. According to him, in the alco-bev category, the emotional connect is of utmost importance and television helps build a strong emotional connect with the audience. “Thus TV gets a priority over OTT viewing for us,” Basuroy added.
Sridhar added here that sports provides a great amount of contextuality to build a brand and take it to the next level. He concluded the session by saying, “Bada screen hai toh bada maza hai, bada platform hai toh bada faayda hai!”
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The conference was attended by a wide variety of SMBs and agencies in New Delhi
In an attention-starved economy driven by huge number of ads across devices and mediums, television becomes a critical platform for brands to be able to occupy consumer mind space, and for a significantly longer duration. As per a study by ThinkTV, TV ads have a 3X higher lingering effect on the minds of viewers compared to any other media. Within television, cricket has long been leading the pack in terms of scale and attention. Cricket commands 61% higher ad attention from viewers than any other TV genres, as per a study by T-Vision. IPL is one tentpole opportunity that has proven time and again its ability to launch brands, build category leadership and reach new users each season. With the 2024 season approaching, Star Sports and exchange4media recently hosted a myriad of SMB brands and Media Agencies in New Delhi.
The event gave brands deep insight into the price flexibility of advertising on Star Sports, the cost efficiency of investments and the distinct impact IPL on TV has on business KPIs of advertisers. Brands have enjoyed huge impact on business KPIs through IPL on TV at minimal investment outlays. Just a single match of IPL has the power to reach 100 million viewers, as per BARC. The cost efficiency IPL on TV offers is an industry benchmark, with advertisers enjoying stellar CPMs of 45 at the scale that it provides. Additionally, TV enjoys 10X higher screen time than the smaller screen due to the lean-back consumption of live sports.
A panel discussion featuring industry expects from brands, agencies and media analysts enlightened the audience on the various capacities in which brands can leverage IPL on TV and the ability of TV to generate distinct business impact compared to all other mediums.
Vikas Saxena, Co-founder, SYNC, discussed all things TV – be it around debunking myths around ‘TV advertising is an expensive property’ or around ‘TV ads aren’t measurable’.
“TV in modern times is a very measurable medium. Unlike 2-3 decades ago, now there are smartphones in people’s hands, which makes TV measurable very quickly, because people start searching for you. This further becomes essentially more important for the up-and-coming brands, because with this search share going up, there is a boost to the future market share of the brand. In terms of cost, the KPI rise per rupee cost is the cheapest when it comes to cricket,” explained Saxena.
B Sridhar, VP – Mainline Business, Media Planning at Innocean spoke about how pure exposure on TV during cricket events allows brands to reach a prospective buyer, an influencer and a user all at the same time, who are ready to be in the market today, tomorrow or in the very near future. According to Sridhar, this builds a mental inventory of the brand into the future and one needs to look at it holistically, rather than performance-led campaigns.
Joydeep Basuroy, AGM – Pernod Ricard and Rajesh Sethuraman, VP – Brand Experience at Blackberrys came forward to share experiences from the brand perspective, wherein Basuroy shared how an association for advertising on TV during live sports helped the brand to create shared brand experiences to drive equity when friends and family come together to enjoy live cricket on TV. Sethuraman highlighted how associating as a Wardrobe Partner for Cricket Live helped the brand to increase recall and double their brand awareness.
In the final session of the day, Shubhra Saraf Sethi, Head of Product, Revenue Strategy and Customer Marketing – Disney Star (Sports) and Rohit Kumar Anand, Director – Product & Revenue Strategy at Disney Star (Sports) addressed the audience to share some key learnings and trends that the company has noticed over the years, when it comes to live sports.
Shubhra explained that ads on television help gain that attention in the consumers’ mindspace and last in memory. “The impact of television is that your decay rates are lower, your memorability is larger. Once you see an ad, you will remember it 3X more times than what you see on any other media,” she added.
Shubhra’s presentation also noted that while the youth are a difficult segment to reach, IPL 2023 on TV reached close to 80% of the urban youth, a massive 43% growth compared to the previous season. Among other trends were sports interest among females being on a rapid rise with IPL on TV reaching close to 250 million female viewers.
Rohit Anand concluded the session highlighting how brands can advertise with Star Sports on IPL across outlays, followed by riveting case studies of early-stage brands that have witnessed large-scale business growth through the platform.
The event was called to a close as the audience dispersed into networking dinner and cocktails, where they interacted with the Star Sports team on the variety of opportunities available to them this IPL.
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According to media reports quoting Motilal Oswal, the merger will give RIL a large pie in the media business
Reliance Industries Ltd.’s shares have risen following its announcement of the merger deal with Walt Disney’s India unit.
Shares opened at Rs 2,930.00 apiece today, rising 1.59% to Rs 2,957.45 apiece on the NSE. The previous day’s closing was at Rs 2,911.25.
It traded 1.38% higher at Rs 2,951.45 per share, compared to a 0.07% advance in the benchmark NSE Nifty 50 at 9:32 a.m.
According to media reports quoting Motilal Oswal, the merger will give RIL a large pie in the media business.
If the consolidated entity becomes successful in the hyper-India market, it will raise the value of Disney‘s stake eventually, said a media report quoting Morgan Stanley.
RIL, Viacom 18 Media Private Limited and The Walt Disney Company on Wednesday announced the signing of binding definitive agreements to form a joint venture(JV) that will combine the businesses of Viacom18 and Star India.
As part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private Limited (“SIPL”) through a court-approved scheme of arrangement. In addition, RIL has agreed to invest at closing ₹11,500 crore (US$ 1.4 billion) into the JV for its growth strategy.
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Guest Column: Chintamani Rao, Strategic Marketing and Media Consultant, shares his insights on the ISEC proposed by the MRSI
Shashi Sinha’s statement that BARC is evaluating the proposed Indian Socio-Economic Classification (ISEC) makes one wonder. In an interview with e4m, Sinha said: “We are evaluating the ISEC proposed by the MRSI. Soon, we will start consulting our stakeholders – broadcasters and advertisers. BARC can take the next step only after their feedback.”
There is nothing wrong with what he said: the question is about the way in which the industry works. Clearly, BARC is not on board. The advertisers – the ISA – have endorsed it, but unless it is accepted by the IBDF, the biggest stakeholder in BARC, ISEC is a non-starter. (Note, Sinha does not mention the agencies, the third stakeholder in BARC.)
It must first be said that ISEC is a welcome development, and none too soon, not only for what it is but, equally, for what it replaces. The ISEC considers parameters only of occupation and education, much as the erstwhile SEC (Socio-Economic Classification) did. Where it differs is that while the occupation parameter is the occupation of the chief earner, as earlier, the two education parameters are the education level of the most educated adult male and – most important – the most educated adult female in the household. The last is brilliant, insightful thinking, in my view.
ISEC replaces the NCCS (New Consumer Classification System), which has long outlived what I said back then was its predictably limited usefulness. Adopted in 2011, the NCCS is based on two parameters, one of which is the education of the Chief Wage Earner (or, now, Chief Earner). The other is not occupation, but the number of durables owned by the household, from a list of 11.
There were all kinds of analyses to show why and how the NCCS was better than the SEC, which it replaced, but to my mind it was terribly left-brained. Marketers are interested in a household’s propensity to consume. If the purpose of such a system is to classify households according to their propensity to consume, we must look for indicators of their likely behaviour. Ownership of durables is manifest behaviour: as an indicator, it simply says those have bought more products in the past are better prospects for the future.
I argued that if a household that owned one durable today were to buy two more next year, its classification would change. Consequently, as over time all households would own more durables, everyone’s classification would move up. Well, that is exactly what happened. Year on year, the proportion of NCCS A, B, and C households in the universe has been going up, and of D and E households, coming down.
The ISEC is more stable, as was the old SEC. For a household those parameters change slowly over time, and if they do change then either that’s a result of a life change, or it results in a life change. If the Chief Earner upgrades their occupation, or the education status of adults in the household changes, that will definitely lead, in time, to a change in their consumption habits, and accordingly the classification should change.
Few today would remember – or even, perhaps, be aware of – a time when households were classified only by income, which as a parameter had fairly obvious shortcomings. The move from income to socio-economic parameters was a seminal change, and it came about without a hiccup because the stakeholders were in conversation from the start.
Sometime in 1987 an informal group got together with the objective of finding a better predictor of consumption behaviour: Roda Mehta and I from OBM (Ogilvy); Rajni Chaddha from Hindustan Lever (HUL); Prakash Nijhara from Cadbury (Mondelez); and Thomas Puliyel from IMRB (Kantar IMRB).
Preparations were already under way then for fieldwork for a new edition of the National Readership Survey (NRS, precursor to the IRS), which was the only syndicated media research at the time. Clearly, a new method of classification would be meaningless if the NRS did not use it. The first step, then, had to be to co-opt the NRS Council. After quick consultations they agreed with the need for change, and put things on hold.
At the instance of the group, the MRSI undertook research, generously funded by Cadbury, to determine which parameters were the best discriminators of a household’s propensity to consume. They concluded that it was a combination of the education and occupation of the chief wage earner (CWE). That made sense intuitively, too.
The resulting classification method, dubbed SEC (Socio-Economic Classification), was adopted starting with the NRS of 1988.
Now we are on the threshold another change, one as needed as the one 35 years ago, but the path ahead is uncertain.
The IBDF has formed a task force to understand and evaluate the proposed system, and there is, reportedly, a genre-based division of opinion among broadcasters. News and sports broadcasters are said to welcome it because they believe they stand to gain. GEC broadcasters, on the other hand, are likely to oppose it because they fear that they stand to lose – specifically, from the inclusion of the woman’s education as a parameter. Apparently the operating principle in the industry body continues to be, as always, not, “Does it make sense” but “How does it affect my business?”
It is good to see that the ISA, long silent on matters concerning BARC, has publicly endorsed ISEC. Whether it can pull its weight in BARC is a different matter.
Abhi picture baaki hai.
Disclaimer: The views expressed here are solely those of the author and do not in any way represent the views of exchange4media.com.
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Reliance Industries and The Walt Disney Company said the media undertaking of Viacom18 will be merged into Star India Private Limited through a court-approved scheme of arrangement
After months of speculations and conjectures, Reliance Industries and The Walt Disney Company on Wednesday finally formally announced the signing of the binding definitive agreement to form a joint venture (JV) that will combine the businesses of Viacom18 and Star India. The highly anticipated merger, which will be completed in the last quarter of calendar year 2024 or first quarter of calendar year 2025, will create the largest media entity in India and is expected to change the broadcast landscape in the country.
According to the official statement, the media undertaking of Viacom18 will be merged into Star Star India Private Limited (SIPL) through a court-approved scheme of arrangement. Giving a thumbs-up to the move, legal professionals say a court-approved plan is essential since it adds another level of inspection to guarantee adherence to relevant laws.
“In the merger scenario, a court-approved scheme plays a crucial role, introducing an additional layer of scrutiny to ensure compliance with relevant laws,” said Rohan Rai, Associate Partner, RR Legal Partners LLP. Rai explains that the merging entities present a comprehensive proposal detailing aspects such as share exchange ratios, creditor treatment and the impact on employees, subject to review and approval by the court.
“This process, guided by considerations of fairness and potential objections from stakeholders, safeguards the interests of all parties involved,” Rai mentioned.
In the statement issued on Wednesday Reliance and The Walt Disney Company said the transaction is subject to regulatory, shareholder and other customary approvals, and the media undertaking of Viacom18 will be merged into Star India Private Limited.
According to Rohit Jain, Managing Partner, Singhania & Co, in India, a court-approved scheme of arrangement is a legally sanctioned process governed by the Companies Act, 2013. The scheme aims to facilitate various corporate actions, including mergers, amalgamations and restructuring.
“It provides a framework for companies to reorganize their operations, capital structure or ownership. Companies seeking to implement a scheme of arrangement must approach the National Company Law Tribunal (NCLT). Approval requires a majority vote: A majority representing 3/4th in value of the creditors (or a specific class of creditors) and of the members (shareholders). The NCLT reviews the scheme and ensures compliance with legal requirements. Once approved by the NCLT, the scheme becomes legally binding. The tribunal ensures fairness and protects the interests of shareholders, creditors, and employees,” shared Jain.
Shivam Kumar, Associate, SKV Law Offices, explained that such mergers are structured through a scheme of amalgamation which requires the companies involved to obtain approval from their shareholders and creditors which needs to be sanctioned by the National Company Law Tribunal or the designated Company Court.
The court may, during the process, order a meeting of the creditors/shareholders of the company. And if the majority in number, representing 3/4th in value of the creditors and shareholders present, votes and agrees to the merger, then the merger, if sanctioned by the court, is binding on all creditors/shareholders of the company.
“It means that the merger of Viacom18’s media undertaking into Star India Private Limited will be carried out according to a specific plan or scheme that has been formulated and agreed upon by the companies involved. This scheme will then be presented to a court for approval. Once approved by the court, the merger can proceed according to the terms outlined in the scheme, and the companies can combine their businesses as planned and agreed upon,” said Kumar.
Added Alay Razvi, Partner-Accord Juris LLP, Hyderabad, “A court-approved Scheme of Merger is a court approved agreement between the company and its shareholder. In this particular merger, Reliance has invested a huge amount in this joint venture wherein Viacom18 and Star India are brought under one roof. With this merger, Reliance has captured the entire market of Media and Entertainment. The most impacted players would be the telecom players like Airtel and others as the competition would get tighter , pressuring them to invest more. With this merger, Jio Cinema and Hotstar would have the largest content offering. That is not all, the broadcasting rights of IPL, Pro Kabadi and other major sports events are also part of this merger.”
RIL has agreed to invest at closing ₹11,500 crore (US$ 1.4 billion) into the JV for its growth strategy.The transaction values the JV at ₹70,352 crore (US$ 8.5 billion) on a post-money basis, excluding synergies. Post completion of the above steps, the JV will be controlled by RIL and owned 16.34% by RIL, 46.82% by Viacom18 and 36.84% by Disney. Disney may also contribute certain additional media assets to the JV, subject to regulatory and third-party approvals. The joint venture (JV) will have over 750 million viewers across India and will also cater to the Indian diaspora across the world.
Nita M. Ambani will be the Chairperson of the JV, with Uday Shankar as Vice Chairperson.
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Nita Ambani will be the Chairperson of the merged entity, Uday Shankar Vice Chairperson
Reliance Industries Limited, Viacom 18 Media Private Limited and The Walt Disney Company today announced the signing of binding definitive agreements to form a joint venture(JV) that will combine the businesses of Viacom18 and Star India.
As part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private Limited (“SIPL”) through a court-approved scheme of arrangement. In addition, RIL has agreed to invest at closing ₹11,500 crore (US$ 1.4 billion) into the JV for its growth strategy.
The transaction values the JV at ₹70,352 crore (US$ 8.5 billion) on a post-money basis, excluding synergies. Post completion of the above steps, the JV will be controlled by RIL and owned 16.34% by RIL, 46.82% by Viacom18 and 36.84% by Disney. Disney may also contribute certain additional media assets to the JV, subject to regulatory and third-party approvals.
Nita M. Ambani will be the Chairperson of the JV, with Uday Shankar as Vice Chairperson providing strategic guidance to the JV. The JV will be one of the leading TV and digital streaming platforms for entertainment and sports content in India, bringing together iconic media assets across entertainment (e.g. Colors, StarPlus, StarGOLD) and sports (e.g. Star Sports and Sports18) including access to highly anticipated events across television and digital platforms through JioCinema and Hotstar.
The JV will have over 750 million viewers across India and will also cater to the Indian diaspora across the world.
The JV will seek to lead the digital transformation of the media and entertainment industry in India and offer consumers high-quality and comprehensive content offerings anytime and anywhere. The combination of the media expertise, cutting-edge technology and diverse content libraries of Viacom18 and Star India will allow the JV to offer more appealing domestic and global entertainment content and sports livestreaming services, while delivering an innovative and convenient digital entertainment experience at affordable prices. With the addition of Disney’s acclaimed films and shows to Viacom18’s renowned productions and sports offerings, the JV will offer a compelling, accessible and novel digital-focused entertainment experience to people in India and the Indian diaspora globally.
The JV will also be granted exclusive rights to distribute Disney films and productions in India, with a license to more than 30,000 Disney content assets, providing a full suite of entertainment options for the Indian consumer.
Speaking about the JV, Mukesh D Ambani, Chairman & Managing Director of Reliance Industries, said, “This is a landmark agreement that heralds a new era in the Indian entertainment industry. We have always respected Disney as the best media group globally and are very excited at forming this strategic joint venture that will help us pool our extensive resources, creative prowess, and market insights to deliver unparalleled content at affordable prices to audiences across the nation. We welcome Disney as a key partner of Reliance group.” Mr. Bob Iger, CEO of The Walt Disney Company, said, “India is the world’s most populous market, and we are excited for the opportunities that this joint venture will provide to create longterm value for the company. Reliance has a deep understanding of the Indian market and consumer, and together we will create one of the country’s leading media companies, allowing us to better serve consumers with a broad portfolio of digital services and entertainment and sports content.”
Uday Shankar, Co-founder of Bodhi Tree Systems, said, “We are privileged to be enhancing our relationship with Reliance to now also include Disney, a global leader in media & entertainment. All of us are committed to delivering exceptional value to our audiences, advertisers, and partners. This joint venture is poised to shape the future of entertainment in India and accelerate the Hon’ble Prime Minister’s vision of making Digital India a global exemplar.”
The transaction is subject to regulatory, shareholder and other customary approvals and is expected to be completed in the last quarter of Calendar Year 2024 or first quarter of Calendar Year 2025. Goldman Sachs is acting as financial and valuation advisor and Skadden, Arps, Slate, Meagher & Flom LLP, Khaitan & Co and Shardul Amarchand Mangaldas & Co are acting as legal counsels to RIL and Viacom18 on the transaction. Ernst & Young has provided an independent valuation Page 3 of 5 to RIL and Viacom18, while HSBC India acting as financial advisor has provided a Fairness Opinion to Viacom18. The Raine Group is acting as lead financial advisor to Disney on the transaction. Citi is acting as a financial advisor to Disney. Cleary Gottlieb served as lead outside counsel to Disney and Covington & Burling and AZB served as legal counsels to Disney on the transaction. BDO has provided an independent valuation to SIPL.
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